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An April 26 opinion piece by the CEO of the Michigan Credit Union League, among other things opines “bankers will fail in their quest to contain and convert.”

In reality, the strategy of “containing” credit unions has already succeeded. Furthermore, the constraints will multiply in the months ahead, aided by economic conditions, the courts, and legislative actions/inactions, both state and federal. Nevertheless, credit union lobbyists and NCUA still promote the illusion that increased business lending authority, lower capital requirements, and access to secondary capital are forthcoming. In reality, these folks have to know it’s not going to happen. And so, like the bankers, they are executing a similar “contain and collect” strategy.

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